City Bank selects Compass Plus Technologies’ TranzAxis payment gateway for e-commerce acquiring
City Bank in Bangladesh has shifted its e-commerce acquiring business to a new payment gateway supplied by Compass Plus Technologies, based in the UK.
City Bank goes live with Compass Plus’ TranzAxis
The bank claims that this shift from its previous internet payment gateway (IPG) to Compass Plus’ TranzAxis solution resulted in the transition of 3,000 e-commerce merchants in one day.
Based on service-orientated architecture (SOA), TranzAxis supports “the entire online payments lifecycle”, according to the vendor’s website, and handles both consumer and merchant-initiated payments across local and international networks.
The solution also comes equipped with a range of value-added services designed to drive merchant loyalty, such as an advertising platform and marketplace, e-invoice capabilities and the vendor’s MobiCash Payments service.
City Bank asserts that it was the first bank in Bangladesh to officially go live with TranzAxis, which was launched by Compass Plus in 2011.
This would beat Mutual Trust Bank which, also headquartered in Dhaka, completed a six-month migration of its e-commerce acquiring services with Compass Plus earlier this month.
Looking ahead, City Bank says it plans to “expand the number of payment methods” available through its latest tech selection, including TakaPay, a local currency card championed by Prime Minister Sheikh Hasina under the Smart Bangladesh initiative.
